XRP Triggers a Rebound? Is a 5% Recovery Sufficient to Revamp the XRP Price Rally?
The weekend appeared to be quiet bullish, as the majority of tokens had triggered a recovery before the start. The XRP price also triggered a strong rebound from the bottom close to $0.5, but the bulls do not appear to be quite strong enough to push the prices beyond the range. However, the technicals remain in bullish favor, which suggests either the price may maintain a horizontal consolidation for a while or undergo a small pullback before the next price action?
The Ripple vs SEC lawsuit is making huge noise as the settlements rounds have been hovering within the crypto space. The authorities have scheduled a private meeting to discuss a potential settlement with XRP. These rounds have been heavily impacted the XRP price which recently tested the resistance zone above $0.6. Now that the price has dropped below the pivotal support, is there any chance of a rebound?
In the past few months, the XRP price rally remained stuck within an ascending triangle, while the latest pullback dragged the levels below the ascending trend line and also the crucial support zone between $0.55 and $054. Besides, the price is also testing the 200-day MA at $0.5448. Therefore, the price is required to surpass this resistance to enter the resistance zone. Luckily, the RSI has triggered a bullish reversal and the MACD displays a drop in the selling pressure which substantiates the bullish claim.
The XRP price has recently withstood huge sell-offs, meanwhile, the buying volume accumulated is extremely less comparatively. This may raise concerns over the next price action as the bearish dominance appears to be higher than that of the bulls. Therefore, the next few days, it could be extremely crucial for the rally as a failure in rising above the resistance zone may hinder the progress of the rally.
However, a rise above the resistance may push the XRP price towards the higer targets above $0.65. This could further elevate the range beyond the yearly highs at $0.75, which may further assist the price to reach $1 in the future.
